As Bangladesh continues to maintain its foothold in the global textile industry, there’s a growing emphasis on value-added products, particularly man-made fibers. Given the rapid evolution of the fashion landscape, man-made fibers, including polyester, are emerging as key players in the industry. Here are some insights:
Global Market Trends for Polyester:
Polyester dominates the global textiles market, constituting 54% of total fiber production, with over 60.5 million tonnes produced in 2021.
The polyester fiber market was worth over USD 90 billion in 2020 and is projected to grow at a CAGR of 7.8% from 2021 to 2027.
Growth is driven by textile industry demand, expansion in the fashion sector, and consumer preference for blended polyester.
Bangladesh’s Current Situation:
Bangladesh primarily relies on cotton for its textile and apparel industry, with only 26% of products being man-made fiber (MMF)-based.
Despite this, Bangladesh has become a significant player in ready-made clothing, boasting over 4,600 factories and 430 spinning mills.
However, only a fraction of these facilities produce synthetic fibers like polyester.
In recent years, Bangladesh has imported substantial amounts of Polyester Staple Fiber (PSF) mainly from China, India, and South Korea.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) aims to increase MMF-based apparel exports from 26% to 40% by 2030, aligning with the global trend toward polyester-based clothing.
Opportunities and Challenges:
Bangladesh has a lucrative opportunity to tap into the $750 billion worldwide market for polyester-based garments.
Research suggests that if Bangladesh can boost its MMF-based garment shipments alongside cotton-based products, it could potentially earn $95 billion from ready-made garment exports by 2030.
Challenges include transitioning to 100% polyester manufacturing, but Bangladesh’s textile industries already process polyester derivatives (CVC/PC), and dye houses have the necessary technologies to handle polyester.
Recent Developments:
In 2015, the first polyester staple fiber plant in Bangladesh was announced, with plans to produce 400 tonnes of fiber per day. The plant aims to cater to the country’s soaring garment industry, which currently imports polyester staple fiber worth $480 million annually.
Apparel exporters recognize synthetic fiber as the future of the export-oriented garment sector, especially as brands and consumers prioritize sustainability. Brands may increasingly favor man-made and recycled fibers, making polyester an attractive choice.
In summary, Bangladesh has a significant opportunity to embrace polyester as a game-changer in its textile industry. By strategically shifting toward man-made fibers, the country can remain competitive globally and achieve its ambitious export targets. The future looks promising as Bangladesh continues to adapt to market trends and invest in sustainable solutions. 🌟🇧🇩
